European shares slip as weak earnings offset Fed promise
(For a live blog on European stocks, type LIVE/ in an Eikon news window)
July 30 (Reuters) - European shares opened lower on Thursday as a clutch of dismal earnings reports took the shine off the U.S. Federal Reserve's vow to keep stimulus taps open to shore up a coronavirus-ravaged economy.
The pan-European STOXX 600 .STOXX fell 0.4% by 0713 GMT, dragged by 1.5% declines in banking stocks .SX7P and carmakers .SXAP .
Britain's Lloyds Banking Group LLOY.L swung to a rare pretax loss in the first half of 2020, while Volkswagen VOWG_p.DE unveiled a first-half operating loss and slashed its dividend. InBev ABI.BR jumped 9.4%, providing the biggest boost to the STOXX 600 after saying it was encouraged by a global beer sales recovery in June. oil prices weighed on the energy sector .SXEP even as Royal Dutch Shell RDSa.L avoided its first quarterly loss in recent history after bumper earnings in its trading business, while France's Total TOTF.PA said it would maintain its dividend. stock markets and Wall Street overnight gained as Fed Chairman Jerome Powell promised to "do what we can, and for as long as it takes," to limit economic damage from the pandemic and boost growth. are eyeing a slew of economic data, including German second-quarter GDP data, euro zone June unemployment numbers and final consumer confidence data.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or